China to Consider Yuan-Backed Stablecoins: Major Policy Shift

China, known for its strict stance on cryptocurrencies, is reportedly considering allowing yuan-backed stablecoins, potentially marking a major policy shift. According to sources familiar with the matter, China’s State Council may approve a roadmap later this August to expand global use of the Chinese Yuan. This move aims to counter US progress in the stablecoin sector and promote wider adoption of the currency. If approved, it will signify a significant departure from China’s ban on crypto trading and mining that took effect in September 2021.